Research On Taxation Treatment Of Real Estate Trust Investment Funds

Real estate trust investment funds(here in after referred to as REITs)are conducive to promoting the industrial upgrading and profit model transformation of the real estate industry.In line with the state's policy guidance to encourage the development of the housing rental market,and help to promote the supply side structure of the real estate industry reform.Encouraging and promoting the development of REITs is of great significance.In practice,REITs involve a wide variety of taxes,including value-added tax,land value-added tax,corporate income tax,property tax and stamp duty.Due to the late start of REITs in China,there is still a lack of experience in tax-related treatment,and there are many tax-related problems.The enthusiasm of the real estate industry and investors to participate in REITs has seriously restricted the development of REITs in China.Based on this,this paper summarizes the tax treatment and problems of current REITs in China,sorting out the current tax policies of REITs.Then,analyzing the tax-related treatment of the establishment,operation and exit of REITs in detail,and then finds that the taxation of REITs is too heavy.Duplicate taxation of operations and opaque taxation policies.Then,introduced Foreign countries' tax treatment experience for REITs is compared with China's tax treatment.Again,combined with the case of Country Garden housing lease REITs,the paper analyzes the tax-related situation of each part of the case and finds that the establishment of the link involves a variety of taxes and faces a large tax burden.Each taxpayer undertakes a total of 21.63 of the property asset evaluation price.The tax burden is as high as more than 700 million yuan.In the operation process,the rental income of the project company has experienced multiple levels of taxation,and there are repeated taxation problems.In practice,there are many opaque tax policies.Finally,according to the principle of conduit and the principle of substantive taxation,the policy recommendations for solving the taxation problems of REITs in China are given: reducing the tax burden of establishing links and increasing the willingness to participate in REITs.Following the principle of catheterization to prevent double taxation in operational links,and improving the transparency of taxation policies,and grasp the essence of the economy.